Geely Holding, Foxconn sign deal to improve OEM production
Zhejiang Geely Holding Group has sealed a partnership with Foxconn Technology Group that will help boost OEM production.
Aside from that, the agreement between the two will also pave way for comprehensive customized consulting services for whole vehicles, parts, intelligent drive systems, automotive ecosystem platforms, electric vehicle industry value chain, among others to global automotive enterprises.
In its statement, Geely Holding said that the latest venture will “revolutionize the automotive industry and will help automakers accelerate their transition to new innovative and efficient manufacturing processes and business models based on CASE (Connected, Autonomous, Shared, and Electrified) technologies.”
The partnership will give both Geely Holding Group and Foxconn an equal share of the venture and the board of directors will consist of five members: three from Foxconn and a pair from Geely Holding.
Geely Holding Group Chairman Li Shufu graced the event while Geely Holding Group President An Conghui (who also stands as Geely Auto Group President CEO) signed the deal for the automotive firm. Foxconn, on the other hand was represented by its founder Terry Gou, with Foxconn chair Young-way Liu signed the agreement on their behalf.
The Foxconn chair said that such partnership is monumental for both companies.
“This alliance between Geely Holding and Foxconn represents a milestone in cooperation between the automotive industry and ICT industry. With Foxconn’s globally leading R&D technologies, intelligent manufacturing, and hardware-software integration capabilities, the two parties form a highly complementary partnership which allows us to better serve and meet the diverse needs of different customers, and offer the most advanced, fastest, cost-effective full value-chain vehicle production service platform,” Liu explained.
“The partnership with Geely Holding does not just align with our company’s vision of “3+3=∞” which symbolizes the infinite possibilities created by Foxconn’s industrial advancement and emerging technologies, it will also result in tremendous change in the development of the automotive industry. I look forward to the great potential that this partnership will bring about.”
Zhejiang Geely Holding Group CEO Daniel Donghui Li echoed the Foxconn executive’s claims.
“This cooperation between Foxconn and Geely is of great significance to both parties. The current global automotive industry is undergoing profound changes. We must actively embrace change, build alliances, and synergize global resources to create greater value for our end users,” he said.
“Foxconn’s professional capabilities, rich experience, and global layout in the ICT industry offer important insight for the transformation and evolution of the automotive industry. Geely Holding Group will give full play to its advantages in the automotive fields of design, engineering, R&D, intelligent manufacturing, supply chain management, and quality control while joining forces with Foxconn to develop together and explore new pathways for transforming, improving, and achieving high-quality development of the manufacturing industry” Donghui Li said.
Photos from Sojitz G Auto Philippines